Ayala raising P7bn to fund projects, including BPO offices

Philippine property and mall developer Ayala Land Inc (ALI) is raising P7bn through the issuance of a 10-year fixed rate bond. In a statement, ALI said proceeds of the transaction will be used to partially fund some of ALI’s projects, including Ayala’s Intercon project, which will feature business process outsourcing offices. The capital expenditure for the Intercon development is P17.5bn. ALI tapped China Bank Capital Corp., PNB Capital and Investment Corp. and SB Capital Investment Corp. as joint lead underwriters for the P7-billion bond offer. The bond offer is part of ALI’s P50bn debt program registered under the shelf registration of the Securities and Exchange Commission.